Find the Best Tax Relief in Lafayette, LA

What is tax relief?

When you owe back taxes to the IRS, tax debt relief services in Lafayette help you reduce the amount you owe and pay it off more efficiently. Back taxes accumulate when you don’t fully pay off your tax bill from a previous year. These taxes accrue interest and penalties while they go unpaid, and the IRS has 10 years to pursue payment for them.

The IRS has programs to aid people with tax debt, but some find these procedures difficult to manage on their own. Tax relief companies in Lafayette guide debtors through these tax relief programs and ensure the best possible odds of success.

Consumers looking for financial assistance with their back taxes should look for tax relief services such as:

• Installment agreements: These allow you to pay off your tax debt in manageable portions.
• Innocent spouse relief: This protects people who filed a joint tax return from their spouses mistakes.
• Penalty relief: The IRS penalizes specific mistakes. You may qualify for penalty relief or interest abatement if you have a good record and intend to pay off your past fees.
• Offer in compromise: This is a settlement with the IRS for an amount less than you originally owed. The IRS only accepts OICs when it believes it will never receive the full amount anyway.

To leverage any of these options to the fullest, work with a tax relief professional in Lafayette. However, these companies often work with customers who have a minimum amount of tax debt, typically around $10,000. This minimum ensures that the tax relief costs are worth it for the consumer.

How much does tax relief cost?

The cost of tax relief in Lafayette varies based on the services you require and the company’s fee structure. Most tax relief companies begin their fees around $1,000 - $2,000 with a few on the higher end around $5,000.

The structure of tax relief contracts tend to include either:

• Upfront fees: Some companies require customers to pay the entire tax relief service fee before beginning work. Be cautious with companies charging upfront, as they may be a scam.
• Partial payments: You may have to pay a portion of the total fee upfront with the rest due upon completion of the tax relief services. These companies usually require clients to complete the entirety of their contract.
• Monthly payments: Certain tax relief companies offer monthly fee contracts to space out the payments.

Some situations increase the amount you have to pay, including everything from the amount of back taxes you owe to the complexity of your case. Many companies in Lafayette calculate this based on either the time spent working on your case or your overall level of debt.

How long does tax relief take

Tax relief services in Lafayette typically take anywhere from one to six months to complete, depending on your particular case and the amount of back taxes owed to the IRS. It is best to ask tax relief companies how long they believe the entire process will take for your particular case before signing a contract. If possible, get the answer in writing.

Tax relief scams

When you owe a significant amount of money to the IRS, it’s tempting to hire the first tax relief company you find. However, there are tax relief scams in Lafayette targeting vulnerable consumers like you.

Look for tax relief companies that employ:

• Licensed attorneys
• Certified public accountants
• Enrolled agents

These professionals are the only ones who can act on your behalf with the IRS. If you are unsure of your attorney’s credentials, verify their information online with the Louisiana State Bar Association. Do the same with enrolled agents and CPAs in Louisiana.

To avoid scams in Lafayette, steer clear of services that offer exaggerated guarantees, pay employees commission or have a strange fee structure. Be sure to ask about potential refunds or cancellation fees if the company is unable to complete your case.